Wednesday 13 November 2019

Shares soar 28pc in Petrel Resources

SHARES in Petrel Resources jumped as much as 28pc in London yesterday as the Irish oil and gas exploration company said it was working with the Iraqi authorities to find projects. The Dublin-based company said it had clarified its position on existing and historic projects with the Iraqi authorities. In mid-2012, Petrel appointed a new Baghdad-based team of Iraqi citizens to review opportunities in Iraq. "This is a new start for Petrel in Iraq. We are long-term believers in the massive potential for the country. We are working quietly with the national and regional authorities to identify ways forward," chairman John Teeling said.

AM Alpha snaps up Dublin office

PROPERTY

Munich-based property fund AM Alpha has bought a Dublin office leased to BNY Mellon and Beauchamps law firm. AM Alpha said Dublin commercial property was at a sustainable level again and yields for grade-A properties in prime locations were at "historic high levels". The property in the Docklands area was completed in 2006 and has a leasable area of almost 6,800sq m. AM Alpha said Asian and European key cities remained the focus of its investment activities.

Investors happier as ECB plan unveiled

CONFIDENCE

GERMAN investor confidence rose for the first time in five months in September after the ECB unveiled a plan to buy government bonds to stem the sovereign debt crisis. The ZEW Centre for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed to minus 18.2 from minus 25.5 in August. Economists forecast a gain to minus 20.

Debenhams boss forecasts solid year

RETAIL

Debenhams chief executive Michael Sharp said he expected the company to deliver a solid performance next year, even against the continuing difficult economic backdrop. He said trading in the financial year to September 1 had been strong and that the performance was "clear confirmation" that Debenhams' strategy to build an international, multi-channel brand "is beginning to work".

Irish Independent

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